Despite nearly doubling sales year-on-year, Nvidia's third-quarter results show a slowdown from previous quarters.
Nvidia shares slumped in U.S. premarket trading Wednesday after the chipmaking giant reported results that beat on both the top and bottom lines.
Analysts are looking ahead to the launch of Nvidia's next-generation Blackwell chip — which CEO Jensen Huang said is getting more demand than units that the company can supply.POLAND - 2024/11/13: In this photo illustration, the NVIDIA company logo is seen displayed on a smartphone screen. Shares of the chipmaker fell 0.8% at around 7:54 a.m.
The slump in Nvidia also had a knock-on effect on European semiconductor firms. ASML, a key chip equipment supplier, dropped 0.9%, while compatriot Dutch chip firm ASMI fell 0.5%. Chipmakersin Asia. TSMC, which makes Nvidia's high-performance graphics processing units, eased as much as 1.5%. Contract electronics manufacturer Foxconn dropped 1.9%.
Derren Nathan, head of equity research at Hargreaves Lansdown, said in emailed comments Wednesday that the dip in Nvidia's share price "suggests even outstanding isn't enough for some investors," adding that he expects the stock to bounce back once markets open.
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